In the previous post it was shown that the property taxes collected from Georgetown property owners increased from $17.37M in 2013 to $28.033M projected for 2018. That is a compound annual growth rate of 10%.
If the property tax revenue revenue for the city had grown at the population plus inflation rate of 7.0%, then the property tax revenue would have grown from $17.37M to $24.348M over the 5 year period. Therefore city property owners are paying $3.685M more to the city in 2018 than is warranted due to city growth. Another way of saying that is the property owners are paying 15% more in property taxes each year over the 5 year period than can be justified by the population growth plus inflation.
The city needs to get their property tax collection in line with city growth.
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